Arab Today, arab today after yellen hints at rate hike
Last Updated : GMT 19:37:58
Arab Today, arab today
Arab Today, arab today

Asia stocks tick up

After Yellen hints at rate hike

Arab Today, arab today

Arab Today, arab today After Yellen hints at rate hike

Federal Reserve boss Janet Yellen
Hong Kong - Arab Today

Asia stocks were broadly up Monday after comments from Federal Reserve boss Janet Yellen that suggested a US interest rate hike was looming.

Speaking at Harvard University Friday, Yellen said she believed growth and the strengthening of the labor market would continue, and in that case, "probably in the coming months such a move would be appropriate".

That timeframe, which other Fed policymakers have also referred to in recent weeks, would put the Fed's action at its June 14-15 or July 26-27 meeting.

Traders appeared to react positively to the news Monday with stocks flat or slightly higher after a positive lead from Europe and on Wall Street. 

The US central bank has repeatedly stated its intention to continue raising rates this year after December's first hike in nine years.

"Janet Yellen’s remarks on Friday confirm that at least one increase in the Fed rate is likely this year. Traders will take confidence from the fact that stock markets are firm in the face of this confirmation," Ric Spooner, chief market analyst at CMC Markets, said in an email commentary.

"As far as the markets are concerned, the timing of the next Fed increase now becomes the central issue. Another increase in the near future will increase the possibility of a second increase in US rates before the end of the year."

Tokyo led the gains in Asia, rising 0.9 percent by the break after the dollar powered higher against the yen on the news, boosting Japanese exporters as a weaker currency inflates the value of their overseas profits.

Hong Kong rose 0.5 percent, while Shanghai, Sydney and Seoul were flat. Jakarta and Taipei gained 0.6 and 0.4 percent respectively.

"There has been a deliberate move on the part of the Fed to steer the market toward prospects of near-term tightening," Philip Borkin, a senior economist in Auckland at ANZ Bank New Zealand Ltd., said in a client note, according to Bloomberg News.

"The Fed will probably be reasonably chuffed at the way the market is absorbing that message."

- Hopes of Japan tax hike delay -
Tokyo also got a lift on hopes the government would delay a consumption tax hike scheduled for April next year.

Media reports over the weekend said Prime Minister Shinzo Abe had told his close aides, including Finance Minister Taro Aso, that he intends to push back the increase to October 2019 on fears it could damage the already fragile economy.

Tokyo had planned to raise the sales tax from eight percent to 10 percent to help pay down one of the biggest debt loads among rich nations.

Oil prices remained below $50 a barrel Monday, with crude dipping 11 cents to $49.21 while US benchmark West Texas Intermediate fell one cent to $49.32 a barrel.

Traders are now looking to the June 2 meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, where it is hoped a deal on reducing production can be reached. 

Prices had topped $50 a barrel -- a key psychological level -- for the first time this year on Thursday after production disruptions in Canada, as well as unrest in Nigeria, Africa's biggest crude producer.

On Sunday Canadian petroleum producer Suncor said production in Canada's fire-ravaged oil sands area was coming back online and thousands of workers were returning to their jobs.

The work stoppage at oil facilities in the region reduced Canada's total output by an estimated 1.2 million barrels per day, hitting US crude inventories.

- Key figures around 0315 GMT -

Tokyo: Nikkei 225: UP 0.9 percent at 16,985.20 (break)

Shanghai - Composite: UP 0.04 percent at 2,822.151

Hong Kong - Hang Seng: UP 0.5 percent at 20,671.46

Euro/dollar: DOWN at $1.1102 from $1.1113 on Friday

Dollar/yen: UP at 110.97 yen from 110.37 yen 

New York - Dow: UP 0.3 percent at 17,873.22 (close)

London - FTSE 100: UP 0.1 percent at 6,270.79 (close)

Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today after yellen hints at rate hike Arab Today, arab today after yellen hints at rate hike

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 06:51 2017 Saturday ,18 February

Blames government for economic crisis

GMT 06:35 2017 Saturday ,18 February

MP calls for re-operating closed companies

GMT 13:35 2017 Friday ,17 February

Confirms Britain is biggest investor in Egypt

GMT 15:55 2017 Thursday ,16 February

Egyptian foods completely unobserved nor healthy

GMT 11:18 2017 Wednesday ,15 February

Reveals plan to get out of financial crisis

GMT 12:33 2017 Tuesday ,14 February

Yemeni accuses militias of challenging oil

GMT 18:07 2017 Monday ,13 February

Over 3000 workers lost their jobs
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday